从Hastings案看自媒体时代的公平披露原则

发布时间：2018-04-25 13:07

本文选题：公平披露 + 社交媒体　；参考：《上海交通大学》2015年硕士论文

【摘要】：随着市场经济的发展,我国证券市场在近几十年内发展迅猛,经历了从无到有,从低级向成熟迈进的过程。证券市场的日渐活跃也给市场监管带来了不少的挑战。一般认为,信息披露制度是证券监管的核心内容,也是保护投资者利益的重要利器之一。上市公司通过强制性披露或者自愿性披露来充分保证投资者的知情权以降低投资者的决策风险。公平披露原则是信息披露制度的重要内容之一,设立公平披露原则是为了避免选择性披露,确保信息公平平等传播,以保护投资者利益。近几年来,由于自媒体的出现和发展,对于信息披露制度带来不少的挑战。通过自媒体披露信息是否有违公平披露原则,如何利用自媒体完善公平披露原则成了讨论的热点。美国拥有世界上最发达的证券制度,信息披露是美国证券监管的核心制度。2013年Hastings案的出现改变了传统对公平披露原则的认识。美国证监会借此案逐步有条件的放开自媒体披露信息的监管,使得上市公司通过社交媒体披露信息成为了可能。本文基于对该案的解读,着重分析在中国通过自媒体披露信息的公平性问题,以及在进行公平披露时需要注意的相关原则。本文认为只有充分利用社交媒体的平台,才能更好地贯彻公平披露,更有效地保护广大证券投资者利益。
[Abstract]:With the development of market economy, the securities market of our country develops rapidly in recent decades, and has gone through the process of from nothing to existence, from low level to mature. The increasingly active securities market has also brought a lot of challenges to market regulation. It is generally believed that the information disclosure system is the core content of securities supervision and one of the important tools to protect the interests of investors. Listed companies can fully guarantee investors' right to know by compulsory disclosure or voluntary disclosure in order to reduce investors' decision risk. The principle of fair disclosure is one of the important contents of the information disclosure system. The principle of fair disclosure is established to avoid selective disclosure and to ensure the fair and equal dissemination of information in order to protect the interests of investors. In recent years, due to the emergence and development of the self-media, the information disclosure system brings a lot of challenges. Whether self-media disclosure of information is contrary to the principle of fair disclosure, how to use self-media to improve the principle of fair disclosure has become a hot topic of discussion. The United States has the most developed securities system in the world, and information disclosure is the core system of securities regulation in the United States. The appearance of the Hastings case in 2013 changed the traditional understanding of the principle of fair disclosure. The SEC's gradual, conditional deregulation of information disclosure from the media has made it possible for listed companies to disclose information via social media. Based on the interpretation of the case, this paper focuses on the fairness of disclosure of information through self-media in China, as well as the relevant principles that should be paid attention to in the process of fair disclosure. This paper holds that only by making full use of the platform of social media can we better implement fair disclosure and more effectively protect the interests of securities investors.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：D922.287

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